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Best Debt Consolidation Loans in Pennsylvania of 2024

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Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

Best Debt Consolidation Loan Lenders in Pennsylvania

MoneyGeek analyzed a number of debt consolidation loans offered by lenders in Pennsylvania to determine the best options. The key factors in the analysis include interest rates, miscellaneous fees, repayment terms, loan amounts and more.

When choosing a lender, Pennsylvania residents should consider their financial goals and profiles. MoneyGeek recommends considering both Upgrade and Truist, which provide competitive interest rates for borrowers with good credit scores. Meanwhile, Upstart is a good option for people with a poor credit history.

Best Overall Debt Consolidation Loan in Pennsylvania: Upgrade


  • Upgrade
    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    Founded in 2017 and based in San Francisco, California, Upgrade is the overall best loan lender in Pennsylvania for debt consolidation. Potential borrowers will appreciate that Upgrade provides same-day funding.

    Upgrade may not be the best lender for you if you need to consolidate debt that exceeds $50,000, have a credit score below 560 or prefer a low APR. However, this lender has excellent customer reviews and an A+ rating from the Better Business Bureau (BBB), making it the top debt consolidation lender in Oregon.

    The lender does a soft credit inquiry and provides autopay discounts to help you save money.

    Pros

    • A+ BBB rating
    • No prepayment penalty
    • Receive requested funds within the same day
    • Soft credit inquiry
    • Autopay discount

    Cons

    • Maximum loanable amount is $50,000
    • No co-signers
    • Origination fees
    • APR range: 5.94%–35.47%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 560
    • Repayment terms: 36–60 months
    • Time to receive funds: Same day
    Upgrade

Runner-Up for Best Debt Consolidation Loan in Pennsylvania: Truist


  • Truist
    • 8.14% to 18.99%APR Range
    • NoneMinimum Credit Score
    • $3,500 to $50,000Loan Amount Range
    • 6 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Headquartered in North Carolina, Truist was launched following the union of BB&T and Suntrust Banks. Truist does not set a minimum credit score for applicants, so you can be eligible for a loan even if your credit is less than ideal.

    This lender does not charge origination fees, prepayment penalties or late fees. If your application is approved, you can get your money the next day.

    Aside from paying for post-secondary education costs, buying bonds and stocks or investing in a business, you can use your loan for a variety of things.

    Additionally, Truist offers an autopay discount to help borrowers save money on their loan repayments. However, if you want to apply with a co-signer, you’ll need to consider a different lender.

    Pros

    • A+ BBB rating
    • Autopay discount
    • Receive funds the next day
    • Doesn’t charge origination fees
    • No late fees or prepayment penalties

    Cons

    • Hard credit inquiry
    • No co-signers
    • Restrictions on fund usage
    • APR range: 8.14%–18.99%
    • Minimum/maximum loan amount: $3,500–$50,000
    • Minimum credit requirements: None
    • Repayment terms: Six–60 months
    • Time to receive funds: Next day
    Truist

Best Debt Consolidation Loan for Bad Credit in Pennsylvania: Upstart


  • Upstart
    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Consumers with fair to good credit can consolidate their debts with Upstart, which is a reliable option for Pennsylvania residents. To be eligible for a loan at Upstart, you simply need to have a credit score of at least 300. Personal loans from $1,000 to $50,000 are offered through Upstart with three to five-year repayment terms.

    Origination fees range from 0% to 8%, with an APR of 3.22% to 35.99% depending on the loan size and your credit score.

    Upstart is a platform for modern lending using artificial intelligence, with 74 percent of loans being totally automated. With no human involvement, Upstart speeds the application process for personal loans by using artificial intelligence. The company received an A+ rating from the BBB thanks to its soft credit inquiry policy and lack of prepayment fees.

    Pros

    • A+ BBB rating
    • Joint loans available
    • No early payment fees
    • Can accommodate those with low credit score
    • Soft credit check

    Cons

    • No options for those who want co-signers
    • Origination fees
    • Late fees
    • APR range: 3.22%–35.99%
    • Minimum/maximum loan amount: $1,000–$50,000
    • Minimum credit requirements: 300
    • Repayment terms: 36–60 months
    • Time to receive funds: Next day
    Upstart

Best Debt Consolidation Loan for Good Credit in Pennsylvania: SoFi


  • SoFi
    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

    SoFi provides loans up to $100,000 in as little as two days. It lets you combine federal and private student loans into a single loan. You can also take out a loan for the full amount of your qualified student loan debt. You can qualify if you have a good credit score of 680.

    SoFi has a superior BBB rating and helps those who lose their jobs by delaying payments and assisting them in finding new employment.

    However, it may be difficult to get accepted for a loan with SoFi if you have a poor credit score and a weak financial history.

    Since its inception in 2011, SoFi has completely waived origination fees and reduced rates.

    Pros

    • A+ BBB score
    • Offers up to $100,000 debt consolidation amount
    • Autopay discount
    • Charges no origination fee
    • Soft credit inquiry

    Cons

    • Co-signers are not allowed
    • High credit score requirement
    • Requires a high minimum income
    • APR range: 5.74%–20.28%
    • Minimum/maximum loan amount: $5,000–$100,000
    • Minimum credit requirements: 680
    • Repayment terms: 12–60 months
    • Time to receive funds: Two days
    SoFi

How to Choose the Best Debt Consolidation Loan in Pennsylvania for You

Personal loan debt in Pennsylvania averages $27,165 with an interest rate of roughly 9.67%. By consolidating several debts into a single loan, consumers can combine their monthly payments and save money by taking advantage of lower interest rates.

Usually, Pennsylvania residents with a steady income and a good credit history are able to get debt consolidation loans. Follow these steps to get your application started:

1
Ask Yourself the Important Questions

Before applying for a debt consolidation loan, it is important to assess your current financial situation and decide whether you can afford the repayments. To help you make this decision, ask yourself the following questions:

  • How much funding do you need?
  • What’s your credit score?
  • Can you afford the monthly payments?
  • Do you have existing debts?
  • Is your debt manageable through other means?
2
Do Your Research

Before applying for a debt consolidation loan, borrowers should do their due diligence. Consolidation loans can last two to four years, so it’s best not to sign anything unless you are comfortable with the agreement. A hard credit check may also be performed by some lenders, which can negatively impact your credit score. While MoneyGeek’s roundup of the best lenders in Pennsylvania may help various borrowers, these recommendations may not be suitable for every individual. It is always wise to do your own research before choosing a particular lender.

3
Wait

Once you have selected a debt consolidation lender, it is a good idea to wait a day or two before submitting an application. The decision to get a debt consolidation loan is a major commitment and should be taken seriously. Taking some time to think will enable you to reach a more objective decision.

4
Read the Fine Print

When you take out a debt consolidation loan, be sure to read the terms carefully and look for information about fees and charges that may reduce your ability to make timely payments. There may be penalties if you pay off the loan before its due date or pay less than the required minimum payment each month. Reading the fine print can save you money down the road.

5
Apply

To apply for a loan, you’ll need to meet your potential lender’s requirements for creditworthiness and supply the necessary documents. Most lenders require proof of your identity and residence. They will also want to see recent pay stubs or a letter from your employer. Although applying for a debt consolidation loan online can be more convenient, it might be better to apply over the phone or in-person if those options are available.

What to Do if You Can’t Get a Debt Consolidation Loan in Pennsylvania

When a lender turns down your application for debt consolidation, ask for an explanation. There are many reasons that could lead to a denial of your request, including insufficient income or a poor credit score. Then, address and correct any issues. Doing so will improve your chances of being approved in the future.

Consider asking for a smaller loan or shorter repayment period as well. If the lender doesn't reconsider, you may need to apply with another company. Make sure to address whatever caused the rejection of your first application so that you don’t get rejected again.

MoneyGeek strongly advises against payday loans because they have short repayment terms and extremely high-interest rates. Payday loans can easily trap borrowers in a cycle of debt.

Calculate Your Monthly Payment

To avoid defaulting on a debt consolidation loan, make sure you can afford the monthly installments and interest payments. To estimate how much you might need to pay monthly, use MoneyGeek's calculator below.

years
months
%
Principal
+ $114.98
Interest
+ $8.33
Origination Fee Percentage
+
%
Origination Fee Fixed amount
+
Total monthly Payment
$123.31

FAQs About Debt Consolidation Loans in Pennsylvania

Examining your financial situation is a smart place to start when it comes to debt reduction. The most frequently asked questions about debt consolidation loans in Pennsylvania are addressed below.

What is the best debt consolidation loan lender in Pennsylvania?
Which lender in Pennsylvania has the lowest interest rates for debt consolidation?
What kind of debts can I not use my debt consolidation loan for in Pennsylvania?
How much debt can I consolidate in Pennsylvania?
How long does it take to get a debt consolidation loan in Pennsylvania?
Can I pay off my loan early in Pennsylvania?
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METHODOLOGY

MoneyGeek reviewed over 30 personal loan lenders using at least 35 individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible — like prequalification, payment options and mobile apps.

After careful consideration and calculation, our picks are chosen with your best interests in mind. Our personal loan recommendations and expert tips are meant to help you make smart financial decisions when choosing a lender that meets your needs.

sources
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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.

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